股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.3) (10.8) 10.9 54.9 相对上证综指 (9.7) (11.3) 3.5 32.1 发行股数 (百万) 480.16 流通股 (百万) 436.38 总市值 (人民币 百万) 82,703.58 3 个月日均交易额 (人民币 百万) 705.66 主要股东 ACM Research, Inc. 73.49% (13%) 9% 32% 55% 77% 100% Feb-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 盛美上海 上证综指 资料来源：公司公告， Wind ，中银证券 以 2026 年 2 月 27 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2026 年 3 月 4 日 688082.SH 增持 原评级：增持 市场价格:人民币 172.24 板块评级:强于大市 《盛美上海》20250304 《盛美上海》20240812 《盛美上海》20220430 中银国际证券股份有限公司 ...

资金流入方面，科创半导体ETF近3天获得连续资金净流入，最高单日获得4.69亿元净流入，合计"吸 金"7.26亿元，日均净流入达2.42亿元。 消息面上，英伟达（NVDA.US）宣布与美股光通信公司Lumentum（LITE.O）建立战略合作伙伴关系， 共同开发最先进的光学技术。这项非独家协议包括英伟达数十亿美元的采购承诺以及未来先进激光组件 的产能使用权。此外，英伟达还将向Lumentum投资20亿美元，以支持其研发、未来产能和运营，助力 该公司在美国新建晶圆厂，扩大其制造能力。此外，英伟达还将向全球光子学领导者Coherent （COHR.N）投资20亿美元。 流动性方面，科创半导体ETF盘中换手5.95%，成交5.26亿元；半导体设备ETF华夏盘中换手6.78%，成 交1.76亿元。 规模方面，科创半导体ETF近1周规模增长6.95亿元，实现显著增长，新增规模领先同类；半导体设备 ETF华夏最新规模达26.17亿元。 截至2026年3月3日 11:04，科创半导体ETF（588170）下跌2.14%，半导体设备ETF华夏（562590）下跌 2.24%。 热门个股方面，江丰电子上涨2.37%，拓荆电子上 ...

好的各位在纽约投资的大家早上好我是东吴电子首席陈海靖非常感谢大家今天早上这个周末的时间跟我们一起来探讨一下这个星期一中的这个成长的一个空间那星期呢其实也是我们过去我们电子团队这个一直给大家这个重点推荐的这个标的那从这个12月份这个推荐以来啊其实在科查呢这个还是 这个非常可观的那么在那个到了今年一季度之后啊我们如何再去看啊这个公司的一个新的一个成长的空间啊其实大家可能也是非常的这个啊关心那包括甚至空间怎么看啊包括今年呢呃各个业务板块的一个呃后续增长的一个呃潜在的一些这个出发地啊那今天呢我们再给大家做一个 整体的一个梳理那心理学呢我是这个把它的这个业务呢如果我们大概做一个拆分的话大概可以分为四个板块那么第一呢就是基本盘PCB第二呢就是基本盘这个PCB第二个也算是这个PCB的一个衍生或者说叫高端PCBIC载板那第三个呢就是这个PCB的这个 同样是PCB行业但是设备经过了横向的拓展从LDI到二氧化碳气光栓第四个就是先进封装这一块先进封装其实我们认为就是公司后续的整个故事的一个弹性走散也是后续的整个市值的一个往上去给空间的一个非常重要的来源 那么这四个业务板块呢我给大家再做一个各个板块的一个梳理包括它的空间啊订阅者又怎 ...

Core Viewpoint - The report from Guojin Securities highlights that the rapid rise in prices within traditional industries is driven by the high returns from AI, which is reallocating resources and creating supply gaps. The industry is currently in a stocking phase, further catalyzing price increases, particularly in electronic materials [1]. Group 1: Impact of AI on Traditional Industries - AI is attracting capital due to its high return potential, leading to a significant reallocation of resources from traditional sectors, creating supply shortages [2]. - The competition in the industry is intensifying as companies upgrade their capacities to maintain technological advantages, resulting in a rapid evolution of the sector [2]. - Traditional capacities being directly squeezed by AI include storage, electronic fabrics, optical fibers, CTE electronic fabrics, CCL, CPUs, copper foils, packaging, passive components, power supplies, PCBs, and ATE [2]. Group 2: Specific Industry Insights - In storage, HBM is consuming wafer capacity at a much higher rate than traditional DRAM [3]. - For electronic fabrics, low-dk/low-cte/Q fabrics are taking over the capacity of 7628/thin/ultra-thin fabrics due to longer ordering cycles [3]. - AI data centers are consuming optical fiber capacity, particularly G.652D, due to a shortage of optical preform rods [4]. Group 3: Price Increases and Market Dynamics - The price increases in traditional sectors are occurring rapidly, with examples including DDR4 and LPDDR4 prices rising since May 2025, and ordinary electronic fabrics experiencing multiple price hikes throughout 2025 and early 2026 [10][11]. - The stocking behavior in the electronic materials supply chain is accelerating price increases, as companies anticipate further price hikes and react by increasing their inventory [11].

另外公司25.6T产品在国产CSP客户已经斩获订单，目标1500e以上市值，翻倍空间！ 2、【芯碁微装】坚定看450e 以上市值，预计一季度单月交付2e金额设备，后续业绩确定高增长！先进封装设备出货预计每年翻倍。 公司港股上市已经拿到备案，预计4月初上市，另外板块方面盛合晶微上市在即，β强催化。 3、【英诺赛科】26年黑马标的，重点关注RubinUltra方案进展，我们认为GaN将是AI机柜最优解决方案，解决 了"超高功率 + 极致效率 + 极高密度"这三个AI数据中心最核心的矛盾，NVL576机柜如果全面采用GaN，单柜价值 量达到20万美金，增量巨大！ 4、【菲利华】英伟达、谷歌前沿AI芯片产品推动Q布需求爆发式增长，全球产能供 不应求，菲利华依托数十年航空航天石英纤维技术沉淀，有望成为全球Q布龙头，目标千亿市值。 5、【佰维存储】 26年全年业绩高增，Q1业绩环比翻倍不止。 【DW电子】领导好，开工大吉！汇报一下我们电子开年组合 1、【盛科通信】26年国产算力重磅增量标的，今年国产算力超节点全面铺开，盛科51.2T重磅产品目前进展顺 利，全面助力国产超节点放量。 另外公司25.6T产品在国产CSP客户已 ...

Core Viewpoint - The competition in the semiconductor lithography equipment market is intensifying, particularly in the back-end process, where Canon currently holds a dominant position. However, ASML is entering this market, posing a significant threat to Canon's market share [2][6]. Group 1: Market Dynamics - Canon entered the back-end lithography equipment market in 2011 and has nearly monopolized the sector used by semiconductor giants [2][6]. - ASML, the largest lithography equipment manufacturer, has begun to challenge Canon by launching equipment for the back-end process, which is increasingly important for enhancing the performance of advanced semiconductors [2][4]. - Nikon plans to start mass production of back-end lithography equipment by 2026, further intensifying competition in this space [2][6]. Group 2: Technological Advancements - ASML's new "XT:260" equipment reportedly has a production efficiency four times that of front-end lithography equipment and can handle thicker substrates, addressing issues related to substrate warping caused by multiple chip stacking [6]. - The demand for advanced packaging technology, which combines multiple chips like GPUs and memory, is growing, leading ASML to expand into this area [4][7]. - Canon's sales of lithography equipment are projected to reach 241 units by 2025, nearly doubling over five years, driven by the demand for back-end solutions [6]. Group 3: Industry Trends - The trend towards larger intermediate substrates is emerging, with a shift from 300mm round silicon wafers to larger square substrates to reduce waste [7]. - Companies like Panasonic are also entering the advanced packaging market, developing equipment for vertically stacked chips to meet AI semiconductor demands [7]. - The development direction for back-end technology remains unclear, requiring equipment manufacturers to be adept at capturing industry trends and demands [7].

Summary of Semiconductor Equipment Industry Conference Call Industry Overview - The global semiconductor equipment market is expected to reach $133 billion by 2025, growing by 14% year-on-year, primarily driven by front-end wafer fabrication [1][4] - By 2026, the market is projected to grow to $145 billion, with a 10% increase, driven by AI, advanced logic storage, and advanced packaging [1][4] - The market is anticipated to further increase to $156 billion by 2027 [1][4] Key Insights - China is becoming increasingly significant in the global semiconductor equipment market, expected to exceed 40% market share in Q3 and Q4 of 2025, maintaining a range of 30%-40% in 2026 [1][5] - Major players like SMIC and Hua Li are actively expanding advanced logic capacity, with SMIC's capacity utilization reaching 95.8% and ongoing capital expenditure [1][6][7] - Changxin Storage (CXMT) has applied for an IPO on the Sci-Tech Innovation Board, planning to raise approximately $30 billion for technology expansion and DRAM production line upgrades, with projected revenue of $58 billion by 2025 [1][8] Investment Opportunities - Two main investment directions in the semiconductor equipment industry are identified: 1. Front-end wafer fabrication, with significant capital expenditure expected in 2026, particularly in memory and advanced logic plants, leading to a substantial increase in orders for etching and thin film deposition equipment. New order growth is conservatively estimated at 20%-30%, with a neutral to optimistic estimate of 40%-50% [2] 2. Domestic AI computing-related testing machines and advanced packaging equipment, with companies like Huafeng, Changchuan, and Maiwei positioned for growth [2] Market Dynamics - The unit investment cost in semiconductor manufacturing is rapidly increasing with advancing process nodes, with the cost for 5nm nodes reaching $3 billion per 10,000 wafers, indicating a trend of rising capital expenditure [2][9] - The domesticization rate in the semiconductor equipment industry is crucial, expected to reach 22% by 2025, driven by sanctions and national policy support [2][11] Competitive Landscape - There is competition among semiconductor equipment companies, but differentiation is achieved through specialization in various etching and deposition technologies [2][13] - Recommended companies in front-end semiconductor equipment include North Huachuang, Zhongwei Company, Tuojing Technology, Weidao Nano, and Maiwei Technology, each focusing on different processes and showing significant order growth [2][14] Emerging Areas - Current low domesticization rates in areas such as metrology, photoresist coating, and ion implantation equipment are highlighted as potential growth segments, especially with increased storage expansion [2][12] - Investment opportunities in domestic AI computing are emphasized in advanced packaging and testing fields, with key companies identified for potential growth [2][15]

Market Overview - On January 5, the Shanghai Composite Index rose by 1.38%, the CSI 300 increased by 1.9%, the STAR 50 surged by 4.41%, the CSI 1000 climbed by 2.09%, the ChiNext Index went up by 2.85%, and the Hang Seng Index slightly increased by 0.03% [4][5] - The best-performing sectors on January 5 were Media (+4.12%), Pharmaceutical and Biological (+3.85%), Electronics (+3.69%), Non-Bank Financials (+3.14%), and Computers (+2.71%). The worst-performing sectors included Oil and Petrochemicals (-1.29%), Banks (-0.34%), Transportation (-0.3%), and Retail (-0.17%) [5] - The total trading volume for the A-share market on January 5 was 25,672 billion, with a net inflow of 18.723 billion HKD from southbound funds [5] Key Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and an acceleration in domestic production rates, leading to a positive outlook for orders in the semiconductor equipment segment [6][7] - Four major growth directions are highlighted: 1. AI-driven storage supercycle focusing on etching and thin-film equipment leaders 2. Dawn of domestic photolithography machine production, emphasizing core subsystems and components 3. Evolution of cutting-edge technologies, with ALD equipment entering a golden development period 4. Advanced packaging continuing the Moore's Law, with substantial room for equipment localization [7] - The driving factors include accelerated capital expenditure from domestic wafer fabs and higher-than-expected domestic production rates [7] Investment Opportunities - The year 2026 is anticipated to be a pivotal year for AI applications, marking the beginning of a significant growth phase in the sector [8] - The convergence of application, computing power, and capital is expected to trigger a "flywheel" effect in embodied intelligence [8]

Group 1 - The semiconductor equipment index has significantly outperformed the market since the beginning of 2025, with a cumulative increase of 62.3% compared to the Shanghai Composite Index's 42.0% [3][13] - The semiconductor industry is experiencing high prosperity, with the global semiconductor market expected to reach a historical high of $760.7 billion in 2026, driven by AI [3][36] - The domestic semiconductor equipment market is seeing a strong recovery in wafer fab capacity utilization and expansion willingness, supported by the AI-driven storage supercycle [3][36] Group 2 - Four key investment directions are recommended: 1. Focus on etching and thin film equipment leaders driven by AI storage supercycle [3] 2. Domestic lithography machine production is expected to achieve mass production in 2026, boosting subsystem and component companies [3] 3. ALD equipment is entering a golden development period, especially in advanced logic and storage fields [3] 4. Advanced packaging continues to follow Moore's Law, providing significant opportunities for domestic equipment manufacturers [3] Group 3 - Investment suggestions include leading companies such as North China Innovation, Zhongwei Company, and TuoJing Technology, as well as high-elasticity targets like XinYuanWei and HuaHaiQingKe [3] - The overall revenue of the semiconductor equipment industry is projected to grow by 36% year-on-year in the third quarter of 2025, with leading companies maintaining high growth rates [15] - The overall net profit of the semiconductor equipment industry is expected to increase by 22% year-on-year in the third quarter of 2025, with significant profit acceleration from companies like Shengmei and TuoJing [15][24] Group 4 - The semiconductor industry is expected to continue its growth trajectory, with AI as the core engine driving the market [36] - The global semiconductor market is projected to grow at a compound annual growth rate of 5.6% from 2004 to 2024, with a significant recovery and expansion phase starting from 2023 [36] - The capital expenditure of the top eight cloud service providers is expected to increase by 40% in 2026, reaching $600 billion, further supporting the semiconductor market growth [36]

Core Insights - The company focuses on three main areas: front-end coating and developing, front-end single wafer cleaning, and advanced packaging in the back-end sector [1][5]. Group 1: Front-End Coating and Developing - The company is currently the only domestic provider of mass production front-end coating and developing machines, offering various process types including offline, I-line, KrF, and ArF immersion [2]. - The new generation ultra-high-capacity coating and developing machine, FT Alkaid, features high capacity, stability, reliability, and integration, designed to meet future advanced lithography machine capacity demands [2]. Group 2: Front-End Single Wafer Cleaning - The front-end physical cleaning equipment has reached international advanced levels, successfully achieving domestic substitution [3]. - The company has become the first in China to validate the high-temperature sulfuric acid cleaning process and secure repeat orders, with significant growth in orders year-on-year [3]. Group 3: Advanced Packaging - In the advanced packaging sector, the company holds over 50% market share and is a key supplier of mass production equipment, while also expanding into emerging areas like 2.5D and 3D packaging [4]. - The company’s temporary bonding and debonding machines have reached international advanced levels, with a growing order book from domestic clients [4]. Group 4: Future Growth and Financial Projections - The company aims to focus on key technologies in bonding and debonding for high-end packaging, with strong growth potential supported by its major shareholder, Northeast Huachuang [5]. - Revenue projections for the company are estimated at 1.98 billion, 2.48 billion, and 3.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 107 million, 280 million, and 530 million yuan [5].